Eurosystem - Valuation of collateral

Reports by the Welt am Sonntag article that Banca d’Italia and Banco de Espana have violated
Eurosystem collateral rules and would have provided too generously Eurosystem credit are not
correct.

Contrary to what is stated in the article by Welt am Sontag, the rules issued by the ECB
regarding the valuation of collateral allow the use ofthe rating of a guarantor of an asset if it is
higher than the rating of the issuer of the asset itself.